Suncor released its 2017 Report on Sustainability which details the company's environmental, social and economic performance and its approach for continuing to deliver value in a carbon-constrained world.
"As a company, as an industry and as a larger society, Suncor have made progress in tackling climate change by moving into the solution space," said Steve Williams, president and chief executive officer." Suncor did so by collectively recognizing we can't, at this point, affix a permanent solution to a long-term challenge like climate change. But Company can lead in a way that moves us in the right direction."
Beyond reporting Suncor's progress in environmental, social and economic areas, the report includes senior leaders' perspectives regarding Suncor's future in these areas:
In 2016, Suncor announced two new sustainability goals; the first is a social goal which seeks to strengthen our relationships with Aboriginal Peoples. Suncor took a strong step towards that goal by signing historic equity partnerships with the Fort McKay First Nation and the Mikisew Cree First Nation through which these Nations will become equity partners in the East Tank Farm development when the agreements are finalized.
During the year, Suncor also made progress towards its second goal. The goal, to reduce our greenhouse (GHG) intensity of our oil and petroleum products by 30% by 2030, means we must identify high opportunity areas for GHG intensity reductions from across the business. Some of these potential initiatives include reviewing opportunities to switch to lower carbon fuels at all of our facilities, the implementation of strategic technology to reduce extraction and upgrading emissions and investments in low carbon power such as cogeneration and renewables.
Additional highlights from sustainability indicators for the year ending 2016:
- Increased transparency on how we assess, mitigate and integrate carbon risk into operational and strategic decision-making through our Climate Report: Resilience through Strategy.
- Continued focus on technology collaboration efforts through Canada's Oil Sands Innovation Alliance (COSIA). In 2016, COSIA received 113 new contributed technologies with a cost of $111 million to develop, bringing the total to 936 contributed technologies at a cost of $1.33 billion to develop. In 2016, Suncor led 43 COSIA studies and Joint Industry Projects.
- Suncor co-founded Evok Innovations, along with the BC Cleantech CEO Alliance and Cenovus Energy Inc. Evok brings together British Columbia's cleantech industry and Alberta's oil and gas sector to accelerate early-stage technologies. Evok has funded six technology companies since its inception in January 2016.
- Suncor, the Suncor Energy Foundation and Suncor employees donated more than $3 million in cash and in-kind support to the Regional Municipality of Wood Buffalo in support of recovery efforts following the forest fires of 2016. PWKD18072017